Bitcoin and Altcoins Moved South amid Profit Taking

There was a fresh start of a downside wave in bitcoin, ethereum, ripple, bitcoin cash and other major cryptocurrencies. It seems like a short-term profit taking phase is underway, but both sellers and buyers need to be careful since bitcoin price is trading near a crucial support area at USD 8,400.

Bitcoin price was not able to gain momentum above the USD 9,000 level and started a downside move. The BTC/USD pair declined and broke the USD 8,750 and USD 8,500 support levels.
At the moment, the pair is trading above a major support level at USD 8,400. The stated USD 8,400 level is a crucial pivot level and the price must hold the same to avoid further declines. Should the price decline below USD 8,400, there could be a test of the USD 8,000 level.
On the upside, the broken support at USD 8,750 is a short-term resistance on the way to USD 9,000.

Ethereum is under a lot of pressure as it failed to hold the USD 550 and USD 560 support levels. The ETH/USD pair declined by more than 8% and traded towards USD 510.
The pair is currently trading near USD 520, with resistances on the upside at USD 540 and USD 550. On the downside, the price must hold the USD 500 — USD 510 support region to remain in a positive zone.

Bitcoin Cash and Ripple
Bitcoin cash is now trading below the USD 1,000 support. BCH/USD is down 6.6% to USD 985 and it remains at a risk of more losses. The next immediate support on the downside is at USD 960, followed by USD 950.
Ripple is also down roughly 6.5% and it broke a crucial support at USD 0.65. XRP/USD seems to be in a bearish trend and it could even test the USD 0.60 support. On the upside, the broken support at USD 0.65 is now a resistance level.

Other Altcoins Market Today
GXChain is trading nicely today and gained ground by more around 30%. GXS price moved above the USD 3.50 and USD 3.75 resistance levels. There were a couple of announcements by the company, which caught the market attention.

To sum up, the current market sentiment is slightly bearish. Therefore, bitcoin price must hold the mentioned significant support at USD 8,400 to avoid any further increase in the bearish pressure.


Updated: 12.07.2021 — 23:50